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Mashcka [7]
3 years ago
14

Jan and Sam have all of their 2018 tax documents ready to bring to George to prepare their return. These documents include a W-2

for Jan ($52,300), a W-2 for Sam ($48,700), a state tax refund of $475, canceled debt income of $1,800 for Jan, and state lottery winnings of $2,000. They never itemize deductions. What will be their total on Form 1040, line 7? a. $105.275 b. $104,800 c. $103,275 d. $103,000?
Business
1 answer:
Nonamiya [84]3 years ago
7 0

Answer:

The answer is b. $104,800

Explanation:

W-2 for Jan $52,300+  Sam $48,700 + canceled debt income of $1,800 + state lottery winnings of $2,000 = $104,800

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On January 1, a company issues bonds dated January 1 with a par value of $310,000. The bonds mature in 5 years. The contract rat
Elenna [48]

Answer:

The journal entry for the interest payment is shown below:

Explanation:

Interest Expense A/c........................Dr      $16,098

Premium on bonds payable A/c....Dr    $952

                 To Cash A/c............................Cr    $17,050

Working Note:

Interest expense = Bonds sale value × Market rate

                             = $321,964  × 5%

                            = $16,098

The market rate will be:

= 10 / 2

= 5%

Because it is paid semiannually, so rate is divided by 2.

Cash = Par value  × Contract rate

         = $310,000  × 5.5%

        = $17,050

The contract rate will be:

= 11 / 2

= 5.5%

Because it is paid semiannually, so rate is divided by 2.

3 0
3 years ago
On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, Whi
Masteriza [31]

Answer:

A

Explanation:

In this question, we are asked at what value should the land be recorded in White Repair services records.

Technically, the value of land is to be recorded as purchase price plus improvements.

Generally, what we mean by improvements include such fees such as attorney fees. Looking at the question, we cannot find any of the entries that speaks about payment yo an attorney or any general land issue. This means that we only record the value of the land as purchase price only.

Looking at the question, the purchase price is the accepted seller’s counter offer. This value is $115,000. Hence, it is the value at which the land would be recorded in White repair service records

8 0
3 years ago
Suppose a government has access to the following sources of funding currently as well as over the long run:
Sidana [21]

Answer:

spending and transfer payments = $1350

so correct option is D. $1,350

fundamental revenue = $1100

so correct option is D. $1,100

Explanation:

given data

Taxes = $1,000

User charges = $100

Borrowed funds = $250

to find out

spending on goods and services and transfer payment and fundamental revenues

solution

we know that here All three taxes, User charges and Borrowed funds are the source of fund

so that we spending and transfer payments are limit that is

spending and transfer payments = Taxes + User charges + Borrowed funds

spending and transfer payments = $1000 + $100 + $250

spending and transfer payments = $1350

so correct option is D. $1,350

and

as borrow funds can not part of fundamental revenue

so that they are to be paid back

so here fundamental revenue will be

fundamental revenue = Taxes + User charges

fundamental revenue = $1000 + $100

fundamental revenue = $1100

so correct option is D. $1,100

3 0
3 years ago
The town of Gracie has established a permanent fund to account for numerous significant gifts intended to maintain a cemetery in
Viktor [21]

Answer: B. Restricted Fund Balance

Explanation:

A Restricted Fund is created when the source of the funds sets certain stipulations for the use of the money which in this case is that the monies should be used for the maintenance of the cemetery. The monies will therefore be restricted to that use alone.

The Unspent Investment Earnings will be reinvested in the Permanent fund at the end of the year. The Permanent Fund is a Restricted fund account therefore the Unspent earnings will be classified as a Restricted fund balance as well.

4 0
4 years ago
A real estate agent earned ​$4800commission on a property sale of ​$240 comma 000.What is her rate of​ commission?
dsp73

Answer:

Her rate of commission is 2 percent

Explanation:

Commission=  $4800

Sale of property = $240,000

Rate of​ commission =  (Commission/ Sale Of Property )* 100

Rate of​ commission= $ 4800/ $ 240,000 * 100

Rate of​ commission= 0.02 * 100

Rate of​ commission= 2%

The above solution can be checked by putting in the values of percent and commission

(Check)

2% of $ 240,000

= (2/100) * $ 240,000

= 2* $2400

= $ 4800

Thus 2 percent of $ 240,00 is equal to $ 4800

3 0
4 years ago
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